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The determinants of global bank credit-default-swap spreads
(31.12.2014)
Bank of Finland Research Discussion Papers 33/2014
Bank of Finland Research Discussion Papers 33/2014
Using a sample of 161 global banks in 23 countries, we examine the applicability of structural models and bank fundamentals to price global bank credit risk. First, we find that variables predicted by structural models ...
Has banks' monitoring of other banks strengthened post-crisis? Evidence from the European overnight market
(25.09.2019)
Bank of Finland Research Discussion Papers 22/2019
Bank of Finland Research Discussion Papers 22/2019
Using the Eurosystem’s proprietary interbank loan data from more than one thousand banks, practically all major banks in Europe for 2008-2016, we show that larger European banks have had a lower cost of overnight borrowing ...
The net stable funding ratio requirement when money is endogenous
(26.01.2015)
Bank of Finland Research Discussion Papers 1/2015
Bank of Finland Research Discussion Papers 1/2015
The NSFR regulation reduces banks’ liquidity risks by encouraging the use of deposit funding. Deposit money is created by lending, but the requirement restricts possibilities to grant loans. This contradiction may be ...
Bonus caps, deferrals and bankers' risk-taking
(03.03.2015)
Bank of Finland Research Discussion Papers 5/2015
Bank of Finland Research Discussion Papers 5/2015
Regulators restrict bankers’ risk-taking by bonus caps or deferrals. We derive a structural model to analyze these compensation regulations and show that for a risk-neutral banker subject to positive switching costs of ...
Uncertainty shocks and firm dynamics : Search and monitoring in the credit market
(23.11.2017)
Bank of Finland Research Discussion Papers 34/2017
Bank of Finland Research Discussion Papers 34/2017
We develop a business cycle model with gross flows of firm creation and destruction.The credit market is characterized by two frictions. First,entrepreneurs undergo a costly search for intermediate funding to create a firm. ...
The effect of TLTRO-II on bank lending
(08.04.2019)
Bank of Finland Research Discussion Papers 7/2019
Bank of Finland Research Discussion Papers 7/2019
This study estimates the effect of the European Central Bank’s second series of targeted longerterm refinancing operations (TLTRO-II) on bank lending using bank level data from multiple countries and instrumental variable ...
Banking market deregulation and mortality inequality
(13.12.2022)
Bank of Finland Research Discussion Papers 14/2022
Bank of Finland Research Discussion Papers 14/2022
This paper shows that local banking market conditions affect mortality rates in the United States. Exploiting the staggered relaxation of branching restrictions in the 1990s across states, we find that banking deregulation ...
Who funds zombie firms : banks or non-banks?
(09.02.2023)
Bank of Finland Research Discussion Papers 2/2023
Bank of Finland Research Discussion Papers 2/2023
Analyses of zombie firms have emphasised the role of bank financing as the reason for zombie survival. This conclusion was made despite no comparative analysis of the sources of external finance for zombie firms. This paper ...
Lone (Loan) Wolf Pack Risk
(16.03.2023)
Bank of Finland Research Discussion Papers 4/2023
Bank of Finland Research Discussion Papers 4/2023
This paper proposes an early-warning bank risk measure based on the syndicate concentration of recent syndicated loans that a bank participates in. At the bank level, higher values of the measure predict greater risks ...
Monetary policy transmission below zero
(27.06.2023)
Bank of Finland Research Discussion Papers 11/2023
Bank of Finland Research Discussion Papers 11/2023
This study considers the pass-through of different ECB monetary policy measures to bank corporate lending rates of different maturities during 2010–2020. We find changes in the pass-through as policy rates first dip below ...